Landco sales rise in Q1

Manila, Philippines -  Premier residential developer Landco Pacific Corp. said it registered sales of P699 milion in the first quarter this year on brisk take-up of its products.

Sales from four developments in the company’s urban and Visayas-Mindanao communities segment grew 58 percent to P354 million, the firm said in a statement.

Landco said sales from five developments in its leisure segment climbed 41 percent to P176 million.

Its hometown segment, comprising of six projects, contributed P169 million.

Units from Tribeca Private Residences in Muntinlupa City remain the company’s top seller during the quarter, bringing in P212 million, driven by strong reception to its newly-launched Hudson Place (Tower 5).

“The upscale property market remains upbeat thanks to a stable economy and strong interest from investors. Given the good sales performance and capex for 2012, our revenue and profit outlook remains positive for the rest of the year,” said Alfred Xerez-Burgos III, Landco president and chief executive officer.

Last year, Landco posted sales of P2.6 billion, up 20 percent from the 2010 figure. Net earnings stood at P60 million.

Xerez-Burgos said Landco is gearing up to launch new residential and commercial projects and expand on current developments this year to take advantage of a buoyant property market.

Landco, developer of the upscale Punta Fuego resort, has set a capital spending of P900 million this year.